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The homeware market size is forecast to increase by USD 73.3 billion at a CAGR of 2.73% between 2023 and 2028. The Homeware Market is experiencing significant growth, driven by trends prioritizing relaxation, convenience, aesthetic appeal, organization, and clutter-free living spaces. Construction, remodeling, and renovating activities continue to fuel market expansion, with design styles evolving to accommodate home improvement trends. Stylish homes showcase interior design patterns that blend functionality and aesthetics, making product recommendations from influencers increasingly significant. Environmentally friendly materials and sustainable practices are gaining popularity, reflecting a shift in consumer preferences. Population growth in urban areas further boosts demand for homewares. Market growth is influenced by factors such as innovation and portfolio extension leading to premiumization, increase in availability of private-label brands, and volatility of raw material prices.
The market is experiencing significant growth due to urbanization and lifestyle modifications. With more people moving into cities and seeking comfortable living spaces, the demand for homeware products, including furniture, kitchenware, textiles, and home aesthetics, is on the rise. The design of homeware items and accessories is becoming increasingly important, with consumers prioritizing sustainability and environmental ideals. Sustainable resources, such as metal, plastic, wood, fabric, and stone, are being used to create eco-friendly homeware. Homeowners are investing in soft furnishings, air conditioners, refrigerators, washing machines, dishwashers, and microwave ovens to maintain comfortable temperature and humidity levels in their living spaces.
Furthermore, the use of advanced technology in homeware, such as smart air conditioners and energy-efficient appliances, is also gaining popularity. The market for homeware is diverse, with a wide range of products catering to various needs and preferences. Overall, the market is expected to continue growing as consumers prioritize creating comfortable and sustainable living spaces.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The hardware segment is estimated to witness significant growth during the forecast period. The Homewares Market caters to the growing demand for relaxation, convenience, and aesthetic appeal in modern living spaces. Construction, remodeling, and renovating activities continue to drive market growth as consumers seek organization and clutter-free environments. companies constructively respond by introducing innovative homeware products, such as stylish cookware and bakeware, kitchen tools and accessories, dinnerware, glassware, and flatware, home cleaning tools and supplies, and kitchen weighing scales. These items are not only functional but also offer design styles aligned with home improvement trends. Influencers and interior design patterns increasingly highlight sustainability and environmentally friendly materials, encouraging companies to adopt sustainable practices.
Furthermore, with a population shift towards urban areas, the market for homeware products is expected to expand significantly. Companies provide a wide range of product recommendations to cater to this demand.
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The hardware segment was valued at USD 206.80 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is experiencing a notable expansion due to the rising demand for relaxation, convenience, and aesthetic appeal in living spaces. Construction, remodeling, and renovating activities have been on the rise, driving the need for organization and clutter-free living spaces. Innovative homeware products, such as household cleaning tools and supplies, cookware and bakeware, tableware, flatware, and kitchen weighing scales, are increasingly popular. These items cater to the growing trend towards stylish homes and interior design patterns. Influencers and design experts are recommending environmentally friendly materials and sustainable practices, further fueling the market's growth. With a population shift towards urban areas, the demand for home improvement trends is expected to continue.
Furthermore, the market in APAC is projected to expand significantly during the forecast period, with China and India leading the way due to their high replacement sales demand. companies are responding by introducing an array of new homeware products, including linens, kitchen appliances, and window dressings, to meet this growing demand.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The innovation and portfolio extension leading to premiumization is the key driver of the market. The market is experiencing significant growth due to the introduction of innovative and stylish products by companies. These offerings include a wide range of items such as bedding, lighting, decorative accessories, vases, candles, picture frames, soft furnishings, linens, towels, bed sheets, pillowcases, blankets, curtains, and carpets. Among these, carpets provide warmth and comfort to users, but they can also harbor dirt and emit unpleasant odors due to microbial growth.
Furthermore, to address this issue, modern carpets are being produced with advanced technology that inhibits microbial growth and prevents bad odors. These carpets are also machine-washable, ensuring they maintain their odor-reducing properties. In addition to functional benefits, homeware products are increasingly being used as decorative elements to showcase unique styles and personalities. companies are expanding their product portfolios to cater to this trend, offering a diverse range of colors and designs in various homeware categories.
An increase in availability of private-label brands is the upcoming trend in the market. The market is witnessing an upward trend in the popularity of private-label brand products. These items, made from materials such as stone and synthetic materials, include bedding, lighting, decorative accessories, vases, candles, picture frames, soft furnishings, linens, towels, bed sheets, pillowcases, blankets, curtains, and carpets.
Furthermore, the affordability of private-label homewares, which typically have lower prices than branded products, makes them an attractive option for price-conscious consumers. Supermarkets are capitalizing on this trend by increasing their shelf space for private-label offerings and implementing marketing and promotional strategies. As a result, the demand for private-label brands is projected to rise during the forecast period, leading to significant growth in The market. This trend is particularly prominent in developing countries, where private-label homeware products hold a substantial market share.
The volatility of raw material prices is a key challenge affecting the market growth. The market encompasses a range of products including stone and synthetic material-based items, bedding, lighting, decorative accessories, vases, candles, picture frames, soft furnishings, linens, towels, bed sheets, pillowcases, blankets, curtains, and carpets. companies in this market face challenges due to the rising costs of superior-quality raw materials, such as cotton and silk, used in producing soft home furnishings and textile products.
Furthermore, this results in higher prices for consumers, which can restrict purchases. Furthermore, the unpredictability of raw material prices, influenced by weather conditions and other external factors, compels companies to seek out low-priced and low-quality alternatives. Despite these challenges, the market for soft home furnishings and textile products continues to grow, driven by consumer demand for comfort, warmth, and softness.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bed Bath and Beyond Inc. - The company offers various types of products such as kitchen items, living room items, kids' room items, hallway, home office items, and beauty products.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The homeware market is experiencing significant growth due to urbanization and lifestyle modifications. Homeowners and renters alike are investing in homeware products to enhance their living spaces and reflect their styles. Furniture, design, kitchenware, textiles, home aesthetics, and home appliances are popular categories in the homewares market. Materials such as metal, plastic, wood, fabric, stone, and synthetic materials are used to produce various homeware items, including bedding, lighting, decorative accessories, vases, candles, picture frames, and soft furnishings. Comfort, warmth, softness, relaxation, convenience, and aesthetic appeal are key considerations for consumers. Online marketplaces, businesses, artists, and influencers are driving the homeware industry forward, offering a wide range of product recommendations and interior design trends.
Furthermore, home improvement trends, such as construction, remodeling, and renovating activities, have also contributed to the growth of the market. Environmental ideals and sustainable resources are influencing production techniques, with businesses focusing on environmentally friendly materials and sustainable practices. The population shift towards urban areas and increasing expenditure capacity have led to an increase in demand for homewares, particularly in the areas of smart home systems, luxury products, and utility items such as air conditioners, refrigerators, washing machines, and dishwashers. Homewares stores, franchised stores, departmental stores, online stores, specialty stores, and home improvement retailers are the main distribution channels for homeware products.
Moreover, homeowners and families, including working women, husband, and wife, are the primary consumers of homewares, with household income and living standards being key factors in their purchasing decisions. Smart home appliances, such as air conditioners with inverter technology and air purification technologies, are becoming increasingly popular for their temperature and humidity control capabilities. The infrastructure of the real estate sector and the white goods market are also impacting the present position of the homewares industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.73% |
Market growth 2024-2028 |
USD 73.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.64 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alibaba Group Holding Ltd., Amazon.com Inc., Avenue Supermarts Ltd., Bed Bath and Beyond Inc., Carrefour, Hermann Otto GmbH, Lowes Co. Inc., Macys Inc., Penney OpCo LLC, Target Corp., Tesco Plc, The Home Depot Inc., Transform Holdco LLC, Walmart Inc., Wayfair Inc., Williams Sonoma Inc., and Zola Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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